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The December 2001 enactment of the Financial Services Commission Act, 2001 established the British Virgin Islands Financial Services Commission as an autonomous regulatory authority responsible for the regulation, supervision and inspection of all financial services in and from within the BVI.

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Compliance Officers

Overview

One of the primary roles of the commission is the consideration and approval of applications for the appointment of compliance officers.

The credibility of the Commission is directly related to its ability to enforce financial services legislation and penalize those who fail to comply with established laws. To achieve this goal, the Commission has established a process through which businesses participate directly in the compliance process.

All individuals and businesses that conduct financial services within the BVI must appoint a compliance officer, responsible for ensuring that the business he/she represents complies with the Territory's regulatory laws, rules and regulations. Each compliance officer is required to establish and maintain a manual of compliance procedures and acts as the primary liaison between their businesses and the Commission.

The Commission has the right to inspect the premises of a regulated individual or business, both inside and outside the Territory, including its systems and controls. The FSC can also inspect assets, including cash, belonging to the operation, and examine and copy portions of relevant documents.

The Commission may take enforcement action against a regulated entity ­ such as revoking and suspending its licence or certificate ­ if it has:

Conducted business "detrimental to the public interest or to the interest of clients, creditors or investors"

Violated financial services laws and regulations

Engaged in money laundering

Failed to comply with a Commission directive

Breached any term of condition of its license

Provided the Commission with false, inaccurate or misleading information Licenced entities are entitled to appeal regulatory decisions before the Financial Services Appeal Board. The Appeal Board reviews all appeal notices filed by individuals and businesses operating within the BVI. Each appeal is discussed at a hearing, in which the Appeal Board can dismiss or allow the appeal, or turn the case over to the Board, the Commission or the Executive Licensing Committee for further consideration. All decisions made by the Appeal Board are final.